Analysis Of Western Listing Corporation Interlocks Network Characteristics And The Effect Of Debt Financing

Chinese market reform is a gradual process, two kinds of distribution will also longtime overlap, allocation of social resources allocated by the administrative power to adjust thedistribution of national by market mechanism, but the market mechanism in China is notperfect. Enterprise chain director relation network is a kind of non institutional constraints, inthe special period, to fill the loopholes inexistent system function.Limit the survival and development of enterprises of scarce resources, enterprises inthe process of exchange with the external environment as much as possible access to theseresources. Capital is the key factor of scarce resources, whether the enterprise can obtainthe enough capital plays the development of enterprises. Domestic enterprises, and theformation and development of rule tells us: the impact of enterprises are inevitably affectedby the network of academic, neglect of social network on enterprise financial behaviorconstraints, causing serious shortcomings in the research on Interlocking Directorate of theacademic enterprise debt financing capacity.To sum up, based on the review of the related domestic and foreign literatures, thechain, and current research on interlocking directorate academic results, selectedprovinces (autonomous regions) in2013, the western region director of network data, the useof "graph theory" and "network characteristics index analysis method" analysis ofWestern listing Corporation interlocking directorates and cross distribution, and the resourcedependence theory, and studied the impact of enterprise financing ability. The studyfound: the Xinjiang Uygur Autonomous Region, Shaanxi Province, Gansu Province, theNingxia Hue Autonomous Region and Qinghai province formed interlock network ofenterprises from the interlock network access to social resources ability, to other enterprisesaffect ability decline, debt financing ability also. Specific to the various provinces interlocknetwork, regional network centric enterprise using the interlock network accessing socialcapital ability, the enterprise’s financing ability.the western region listing Corporation interlock network obvious geographicalcharacteristics. The provinces internal links closely, the provinces are not closelylinked. This is the premise of enterprise credit effect to relatives, fellow as the core of the useof networks of debt financing guarantee, and can make the capital concentration and floweffect is amplified, the enhancement enterprise debt financing ability.